Las Vegas Long-Term Rentals: Yes, It’s Getting… Interesting (In a Good Way)
by Michelle Leonard, Property Manager
If you’ve felt like the long-term rental market in Las Vegas has shifted lately… you’re absolutely right.
After several years of what I like to call “pandemic-speed everything,” the market has officially exhaled. And for us as property owners and managers, that’s not a bad thing — it’s just a different thing.
Let’s talk about what’s actually happening.
Rents Have Leveled (and in Some Cases, Softened)
According to recent reporting, the typical asking rent in the Las Vegas Valley is sitting around $1,716, essentially flat month-over-month and only up 0.1% year-over-year .
Translation: the rapid rent spikes we saw in 2021–2023 are behind us. We are now in a stabilization phase.
This doesn’t mean rents are collapsing. It means we’re in a more balanced market — and balanced markets reward strategy over speed.
Concessions Are Back
Here’s the headline that caught everyone’s attention:
About 51.7% of rental listings in Las Vegas are offering concessions right now — things like free rent, gift cards, or other move-in perks .
Why?
Two big reasons:
New supply. A wave of apartment construction peaked in 2024, and many of those units are still hitting the market .
More negotiating power for renters. When tenants have options, they use them .
Now before anyone panics — concessions don’t automatically mean lower net income. They’re a marketing tool. In many cases, a strategic half-month concession is far more effective (and less expensive long-term) than sitting vacant for 45 days.
Vacancy is the most expensive concession of all.
What This Means for You as an Owner
Here’s the part I care about most: how this impacts your property.
1. Pricing Precision Matters More Than Ever
In an appreciating market, you could overshoot slightly and still get away with it.
In today’s market? The first 14 days on market are everything.
We are watching days-on-market closely and adjusting quickly when needed. Early action protects income. Waiting “to see what happens” usually costs more than making a smart adjustment.
2. Presentation Is Now a Competitive Advantage
When half the listings are offering perks, the properties that stand out win.
Cleanliness, professional photos, condition, and smart upgrades (lighting, paint, fixtures) matter more in a choice-heavy market.
The good news? Las Vegas renters are still strong. They’re just more selective.
3. Retention Is Gold
With renters having more negotiating power than during the pandemic surge , renewals require thoughtful strategy.
Sometimes holding a great tenant slightly below peak market is smarter than rolling the dice on turnover, vacancy, cleaning, and re-leasing costs.
Every renewal decision should be math-driven, not emotion-driven.
The Bigger Picture (And Why I’m Not Losing Sleep)
Nationally, rent growth is expected to remain modest in 2026 . That tells us this isn’t a Las Vegas problem — it’s a broader normalization.
We are not in a crash cycle.
We are in a supply-and-negotiation cycle.
And markets like this reward:
Proactive pricing
Fast communication
Clean, well-maintained properties
Strategic concessions when appropriate
Tight operational execution
Sound familiar?
That’s literally what we do every day.
Our Game Plan Moving Forward
At Cunningham Group, our focus remains simple:
Price early and accurately
Monitor market feedback weekly
Protect occupancy first
Negotiate intelligently
Document and communicate everything
No drama. No guessing. Just data and execution.
Las Vegas has always been a dynamic market. It moves fast on the way up — and it recalibrates just as quickly. This recalibration phase is healthy. It prevents overheating and keeps the long-term fundamentals intact.
And here’s the fun part: when supply eventually slows (and it always does), the owners who stayed strategic during this phase are the ones who win next.
If you have questions about your specific property — renewal strategy, pricing, or whether a concession makes sense — reach out. I’m always happy to run the numbers with you.
Because in this market, precision beats panic every time.
— Michelle Leonard
Cunningham Group at RE/MAX Advantage
Real Estate Investment Advisors & Property Management
